申万宏源交运一周天地汇(20251221-20251226)：油散进入淡季布局窗口，船舶板块有望迎来开门红重点关注 ST 松发

Investment Rating - The report indicates a positive outlook for the shipping sector, expecting a strong start in 2026, particularly for companies like ST Song, China Shipbuilding, and China Power [5]. Core Insights - The shipping industry has seen improvements in new ship orders and pricing since October, with expectations for a strong performance in 2026. The report highlights the potential for a seasonal price increase in January, particularly in the oil and bulk cargo sectors [5]. - The report emphasizes the resilience of the railway and highway freight volumes, with steady growth observed. Data from the Ministry of Transport shows a slight decrease in railway freight but an increase in highway truck traffic [5][6]. - The airline industry is at a turning point, with expectations for significant improvements in airline profitability due to supply constraints and increasing passenger volumes [5]. - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future profitability and market dynamics [5]. Summary by Sections Shipping Sector - New ship orders and pricing have improved since October, with expectations for a strong performance in 2026. Companies like ST Song, China Shipbuilding, and China Power are highlighted as key players [5]. - The report notes a significant drop in VLCC rates, with a 34.4% decrease observed on December 24, while crude oil tanker rates showed a 7.6% increase due to supply constraints [5]. Railway and Highway - Railway freight volume was reported at 78.37 million tons, a 1.96% decrease week-on-week, while highway truck traffic increased by 2.02% to 55.44 million vehicles [5][6]. Airline Industry - The report suggests that the airline industry is poised for a golden era, with supply constraints and increased international travel expected to enhance profitability [5]. Express Delivery - The express delivery sector is undergoing a transformation, with three scenarios proposed for future market dynamics, focusing on price recovery and potential mergers [5]. Overall Transportation Index - The transportation sector index rose by 1.37%, underperforming compared to the Shanghai Composite Index, which increased by 1.95% [6].